PROFILEmiami had the exclusive opportunity to sit down with Pascal Nicolai of Sabal Development, one South Florida’s authorities when it comes to spec homes and custom home development, having built and sold total value of over $146 million in custom homes over the past 2 years. Sabal Development made a name for themselves as a vertically integrated developer and builder with over $130 million in luxury custom-built home sales in 2021.
Nicolai, who has more than 30 years of experience in the industry with completed projects in Europe and the U.S., Sabal Development is currently developing a modern office/ retail mixed use commercial building on Alton Road in Miami Beach and has developed a large portfolio of luxury properties including several homes on Palm Island and the Venetian Islands as well as Miami Beach and Palm Beach. PROFILEmiami recently caught up with Nicolai amidst his busy schedule and summer travel to get inside the mind of one of South Florida’s leading custom home specialists:
PROFILE: Tell us about your background, how did you get involved in real estate?
Pascal Nicolai (PN): I was born and raised in the South of France; real estate has been a passion of mine ever since I can remember. While I was studying at the university, I found myself engaging in real estate projects “on the side” so to speak, and by the time I was finished with my degree I already had my own real estate agency.
PROFILE: What was your first real estate development project?
PN: In France it was a 20,000 SF office building in the south of France. In Miami it was a luxury home location on the Venetian Islands
PROFILE: What is your development philosophy?
PN: In the simplest terms, it is location location location. That being said, acquiring prime lot locations and building luxury homes which surpass client expectations.
1370 South Venetian Way Sold for $21 Million. Image via Luxe Living Realty
PROFILE: You have built a name for yourself as one of the biggest luxury homebuilders in Miami, how did you carve out this niche?
PN: I got in this niche with my partners with whom I developed high end real estate in prime locations such as Monaco, St. Tropez, and Courchevel. My goal was to bring my expertise to Miami and continue my vision.
PROFILE: Tell us about some of your favorite projects that you have built to date?
PN: That’s a tough one! Some of my favorite projects include:
1369 N. Venetian Way, Miami, FL. This beautiful 7,000 SF home is located on an open bay lot with spectacular views of Miami and Miami beach, featuring a glass elevator, modern European design, and a rooftop with a jacuzzi providing a perfect spot to watch the sunset.
4005 S. Ocean Blvd. Highland Beach, FL. This home is special to me because it is the first home I built directly on the beach. 10,000 SF, four stories high, featuring a theater, gym, glass elevator, and a rooftop with 360-degree views, also a perfect spot for sunrises and sunsets.
PROFILE: Tell us about some of the new projects that Sabal Development has in the pipeline?
PN: The projects in the pipeline which already started with the development process are:
14,000 SF home in Manalapan, FL (Palm Beach County)
10,000 SF home on a 32000 SF lot in Coconut Grove
6,500 SF penthouse in Brickell
6,500 SF home in La Gorce golf course
Two waterfront homes on Belle Meade Island (Miami, FL)
Villa Marco located at 1369 North Venetian Way currently listed for $23.9 million. Image via Compass
PROFILE: What are some of the keys to your success that have helped you stand apart?
PN: European vision and design. Attention to detail (each home has at least 200pgs of design details), trust from partners, discipline, and process.
PROFILE: What is your outlook on the real estate market in Miami amid a changing economic environment and rising interest rates?
PN: In our niche market, the rate of interest isn’t as relevant because most buyers are cash buyers. Miami is one of the safest locations in the world, there are no state taxes, which is appealing to the luxury buyer.
PROFILE: What is the biggest hurdle that you have had to overcome in your career?
PN: Uncertainty during COVID, which ultimately led to a positive outcome. Managing construction and subcontractors, which is extremely challenging in south Florida.
4-Unit Apartment Building at 1930 Bay Drive Sold for $13.5 Million. Image via Luxe Living Realty
PROFILE: What was the first gift you bought yourself after closing a big deal or first big development?
PN: A watch from Audemars Piguet
PROFILE: Describe your perfect Saturday night in Miami?
PN: Having a nice dinner, my favorite spots include Bagatelle, Casa Tua, Cipriani, Joia Beach, Mamo Brickell, Queen, Villa D’Azur, and drink at Mila lounge.
PROFILE: Where do we find you on your day off?
PN: It all depends on the mood, can be anywhere from relaxing by the water, spending time with family & friends, and working out.
135 Palm Ave. Sold for $29.5 Million. Image via Jeff Miller, ONE Sotheby’s International Realty
